Briefly, this is a taxable distribution to you, the same as if you had requested a total withdrawal of your account. You had 60 days to rollover the money to another qualified employer account or to a private IRA. If you did not perform a rollover, then the entire distribution is taxable income to you plus a 10% penalty if you are under age 55. Any withholding that was taken at the time the check was mailed to you will be counted toward your tax payments, and will increase your refund or reduce the tax you owe. You will receive a 1099R at the end of January and you must include this statement on your tax return to report the income and calculate the tax.
